15 Questions
Why are Canadians using cash less?
Out of convenience and ease of carrying credit cards
Why does an increase in the use of credit result in an increase in the money supply?
Due to the impact of fractional reserve banking system
Does the Bank of Canada have complete control over the money supply?
It has partial control over the money supply
How does the Bank of Canada influence the ability of chartered banks to make loans through its open market operations?
By buying/selling government securities in the open market
What is the effect on chartered banks if the secondary reserve requirements have not changed for some time?
Chartered banks will have more freedom in issuing loans
What technology has contributed to the growing popularity of contactless cards and near-field communication (NFC) for transactions?
Chip and PIN Technology
In which form are digital checks processed, indicating the transition from paper checks?
Electronic Check Processing
Which type of payments involve the use of apps like Apple Pay, Google Pay, and Samsung Pay?
Mobile payments
What has contributed to the rise in the use of cryptocurrencies for certain transactions?
Blockchain Technology
Which technology supports direct transfers between bank accounts without physical cash?
Internet Banking
What type of cards have widespread use for in-store and online transactions?
Credit and Debit cards
Which platform provides P2P services for quick and convenient fund transfers?
Venmo, Paypal and Similar Services
What has contributed to the increased usage of prepaid cards for specific transactions without the need for physical cash?
Reloadable Prepaid Cards
Which form of payments involve direct transfers between bank accounts without physical cash?
Electronic Funds Transfer (EFT)
What technology has enhanced security features for card transactions, contributing to the widespread use of credit and debit cards for both in-store and online transactions?
Chip and PIN Technology
Explore the alternatives to cash in transactions and how digital payments, mobile payments, contactless payments, and online banking have taken over traditional cash transactions.
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